- The report focuses on the performance of the A-share banking sector, which has seen a significant increase of 20.63% from the beginning of 2025 to July 11, 2025, outperforming the insurance and securities sectors[2][6][15] - The analysis highlights that state-owned institutions, foreign institutions, and insurance institutions lead in terms of bank stock holdings[8][29] - State-owned institutions have a higher allocation in state-owned banks and joint-stock banks, while foreign institutions have a relatively balanced allocation among joint-stock banks, city commercial banks, and state-owned banks[8][29] - Insurance institutions have a high concentration of holdings in joint-stock banks, with nearly 80% of their bank stock holdings in joint-stock banks as of Q1 2025[8][29] - The report notes that from Q1 2024 to Q1 2025, the bank stock holdings of state-owned institutions, foreign institutions, and linked funds showed a fluctuating upward trend, with foreign institutions being the most active, increasing their bank stock holdings by approximately 37 billion yuan in Q1 2025 compared to Q4 2024[8][29] - The institutional investor share of bank stocks in the Shanghai market has gradually increased in recent years, reaching over 65% in 2023[7][24] - The share of institutional investors in joint-stock banks and state-owned banks was relatively higher, reaching approximately 67% and 72% respectively in 2023, while the share in city commercial banks and rural commercial banks showed a significant upward trend[7][24] - The report provides detailed data on the holdings of different types of investors in bank stocks, including state-owned institutions, foreign institutions, and insurance institutions, with specific figures for Q1 2025[30]